Global Pulse

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  • AVS Lewis & Pecker’s masterclass on E-invoicing, transfer pricing attracts gold traders

    AVS Lewis & Pecker’s masterclass on E-invoicing, transfer pricing attracts gold traders

    In a strategic move to prepare the UAE’s precious metals sector for upcoming regulatory shifts, leading financial consultancy AVS Lewis & Pecker convened a specialized masterclass focusing on e-invoicing and transfer pricing protocols. The December 2025 event attracted over 170 senior representatives from gold trading enterprises anticipating the Federal Tax Authority’s mandate implementation.

    The comprehensive session addressed critical compliance deadlines, particularly the July 31, 2026 requirement for businesses exceeding Dh50 million annual revenue to appoint Accredited Service Providers (ASPs). Digital compliance specialist Venkata Sai Vaddepally guided participants through e-invoicing implementation frameworks, while tax expert Payakkal Satheesan clarified complexities surrounding transfer pricing documentation under UAE Corporate Law.

    Concurrently, the firm announced two significant developments: the imminent release of a comprehensive UAE Corporate Tax Guide and the launch of AVS Gold—an artificial intelligence-driven ERP platform specifically engineered for gold traders, jewelers, and bullion dealers. This specialized software aims to streamline operations while ensuring regulatory adherence.

    Company principals Mohammed Sharaf and Akilesh N Sankaran emphasized the masterclass’s role in empowering market participants to navigate evolving tax landscapes while maintaining competitive operational efficiency. The overwhelming response has prompted plans for additional educational sessions exploring various aspects of the UAE’s Corporate Tax Law framework.

    Industry attendees demonstrated particular concern regarding penalty structures outlined in UAE Cabinet Resolutions, including potential tax benefit revocation and financial adjustments for non-compliance with transfer pricing regulations requiring arm’s length principles in related-party transactions.

  • Ancient Egyptian pharaoh’s boat reassembled in real time at Grand Egyptian Museum

    Ancient Egyptian pharaoh’s boat reassembled in real time at Grand Egyptian Museum

    In an unprecedented archaeological exhibition, the Grand Egyptian Museum has commenced the live reassembly of a 4,500-year-old cedarwood boat belonging to Pharaoh Khufu, allowing visitors to witness restoration history in the making. The 42-meter (137-foot) vessel, containing 1,650 individual wooden components, began its meticulous reconstruction process on Tuesday as dozens of observers watched the ceremony.

    This extraordinary project represents one of two solar boats discovered in 1954 near the southern flank of the Great Pyramid of Giza. Restoration director Issa Zeidan confirmed the complex assembly would require approximately four years to complete, with the boat eventually joining its already-reconstructed twin already on display.

    Egyptian Tourism and Antiquities Minister Sherif Fathy hailed the initiative as “one of the most important restoration projects in the 21st century” during the unveiling ceremony. While the exact purpose of these ancient vessels remains debated among Egyptologists, prevailing theories suggest they served either as funeral transport for Khufu’s remains or as symbolic vessels for his spiritual journey with sun god Ra in the afterlife.

    The $1 billion Grand Egyptian Museum (GEM), inaugurated last month as the world’s largest archaeological museum, now houses nearly 50,000 artifacts including the complete Tutankhamun collection. Strategically located near the Giza pyramids, the institution represents Egypt’s ambitious effort to revitalize its tourism sector and strengthen its economic recovery through cultural preservation.

  • Comera Financial Holdings, SC Ventures announce strategic collaboration to explore innovation in SME and beyond

    Comera Financial Holdings, SC Ventures announce strategic collaboration to explore innovation in SME and beyond

    In a significant development for the UAE’s financial sector, Comera Financial Holdings—a subsidiary of Abu Dhabi’s Royal Group—and SC Ventures have formalized a strategic partnership through a memorandum of understanding (MoU) signed on December 23, 2025. This collaboration represents a concerted effort to address the financing challenges faced by small and medium enterprises (SMEs) while driving technological innovation across the Emirates’ evolving economic landscape.

    The partnership will leverage Comera’s expanding fintech platforms alongside SC Ventures’ expertise in venture-building and credit intelligence to co-create data-driven financial solutions. Primary focus areas include developing innovative supply chain finance mechanisms, optimizing working capital management, and establishing sector-specific financing frameworks tailored for corporations with extensive SME networks.

    Akhtar Saeed Hashmi, Managing Director and Group CEO of Comera Financial Holdings, emphasized the strategic importance of this initiative: ‘This collaboration marks an important milestone in our mission to build forward-looking financial infrastructure for the UAE. By combining forces with SC Ventures, we intend to introduce digitally-powered financing models that support growth ambitions across both SMEs and large corporations.’

    Alex Manson, CEO of Standard Chartered Ventures, echoed this sentiment: ‘At SC Ventures, we focus on building businesses that solve genuine market problems. Our partnership with Comera enables us to co-create digital infrastructure that provides SMEs with essential tools, insights, and access needed to thrive in an innovation-driven economy.’

    The organizations will explore additional strategic opportunities including potential investments, development of novel financial models, and enhanced coordination across selective business initiatives. This comprehensive approach aims to drive sustainable innovation, foster aligned growth trajectories, and deliver scalable financial solutions that strengthen business resilience and competitive positioning within the market.

    Both entities have committed to ongoing evaluation of identified opportunities with the objective of establishing a long-term collaborative framework. Further developments will be announced as the partnership progresses, with additional information available through SC Ventures’ official digital channels.

  • Look: Zendaya joins fiancé Tom Holland and his family for weekend get-together

    Look: Zendaya joins fiancé Tom Holland and his family for weekend get-together

    In a rare public appearance since their engagement announcement, Hollywood stars Zendaya and Tom Holland were photographed enjoying a family weekend outing at ‘The Traitors: Live Experience’ in the United Kingdom. The couple joined Holland’s entire family constellation—parents Nikki and Dominic Holland and brothers Sam, Harry, and Paddy—for the interactive mystery event.

    Sam Holland documented the occasion through social media, posting playful photographs that captured Zendaya sporting a chic short bob hairstyle and grey sweater with bold red lips, while Tom complemented her style in a burgundy sweater. The actor humorously captioned the images: “My traitor twin. Had a great time at @thetraitorslive yesterday. You can’t trust anyone when you enter the round table… not even family.”

    The family gathering represents a significant moment for the notoriously private couple who became engaged during the 2024 holiday season. According to sources close to the pair, Holland had meticulously planned the proposal after obtaining permission from Zendaya’s father. The engagement was subtly confirmed when Zendaya debuted a spectacular five-carat ring at the 2025 Golden Globes ceremony.

    Despite their busy professional schedules—with Holland recently completing filming for ‘Spider-Man: Brand New Day’ and Zendaya developing multiple projects including ‘The Odyssey’ and ‘The Drama’—the couple continues to prioritize family integration. Dominic Holland previously revealed on his Patreon platform that his son had orchestrated every detail of the proposal, from the location to his specific wording, demonstrating the depth of commitment between the two stars.

  • Pakistani consortium acquires 75% stake in PIA in major privatization move

    Pakistani consortium acquires 75% stake in PIA in major privatization move

    In a landmark transaction marking Pakistan’s most significant privatization initiative in decades, a consortium headed by Arif Habib Group has successfully acquired a 75% controlling interest in Pakistan International Airlines (PIA). The winning bid of 135 billion rupees ($482 million) was announced during a nationally televised auction ceremony on Tuesday, representing a crucial milestone in the government’s protracted effort to divest the chronically unprofitable national carrier.

    The acquisition fulfills a key condition set by the International Monetary Fund (IMF), which has consistently advocated for PIA’s privatization as a central component of Pakistan’s economic reform agenda connected to international bailout packages. Finance Minister Muhammad Aurangzeb characterized the bidding process as thoroughly transparent and competitive, expressing confidence that the new ownership would spearhead the airline’s operational revitalization.

    This development occurs against a backdrop of tentative recovery for PIA, which recently resumed direct European flights just two months ago following the European Union Aviation Safety Agency’s decision to revoke a four-year suspension imposed over safety violations. The prohibition originated after the tragic 2020 Karachi crash that claimed 97 lives.

    Once celebrated as a regional aviation leader, PIA’s operational efficiency has dramatically deteriorated through decades of political interference and severe overstaffing. The carrier currently maintains approximately 300 employees per aircraft across its 32-plane fleet—substantially exceeding the industry standard of fewer than 200 workers per aircraft—reflecting profound structural challenges that the new ownership must address.

  • Jiangsu government investigates Nanjing Museum’s handling of donated relics

    Jiangsu government investigates Nanjing Museum’s handling of donated relics

    Authorities in Jiangsu province have established a high-level investigative team to examine the Nanjing Museum’s management practices regarding donated cultural relics and broader collection security concerns. This decisive action follows the unexpected appearance of a celebrated painting from the museum’s collection at a public auction, which sparked widespread public attention and scrutiny.

    The investigation, announced through state media CCTV, brings together expertise from multiple disciplinary bodies including the commission for discipline inspection, supervisory commission, and departments of publicity, political and legal affairs, public security, culture and tourism, and cultural relics management.

    In response to the developing situation, the Nanjing Museum issued an official statement revealing it had initiated an internal review in November 2024 after receiving court documents related to a “gift contract dispute” lawsuit filed by Pang Shuling. According to museum records, the institution accepted 137 donated paintings from Pang Zenghe (Pang Shuling’s father) in January 1959.

    The museum disclosed that five of these donated works, including those currently under dispute, were determined to be forgeries following two separate appraisals conducted in the early 1960s. These artworks were subsequently disposed of during the 1990s in accordance with museum collection regulations then in effect.

    The Nanjing Museum has committed to full cooperation with legal proceedings and pledged to work with relevant authorities should any illegal or non-compliant actions be discovered during the investigation into their disposal practices.

    Concurrently, the National Cultural Heritage Administration has formed its own working group that has already arrived in Nanjing to conduct parallel investigations into the museum’s relic management protocols.

    Provincial authorities have emphasized that any identified illegal activities or regulatory non-compliance will face strict legal measures without tolerance. The investigation results and subsequent actions will be made publicly transparent upon completion.

  • China launches Long March 12A carrier rocket

    China launches Long March 12A carrier rocket

    China achieved a significant milestone in its space program with the inaugural flight of the Long March 12A carrier rocket on Tuesday, December 23, 2025. The launch from the Jiuquan Satellite Launch Center in Inner Mongolia marked both a technical achievement and a learning opportunity for reusable rocket technology.

    The 70.4-meter rocket, China’s tallest space vehicle to date, lifted off at 10:00 AM from a newly constructed service tower. While the second-stage booster successfully reached its predetermined orbital position, the mission encountered a setback when the first-stage booster failed to land at the designated recovery site in Gansu province.

    Engineers from the China National Space Administration have initiated a comprehensive investigation into the recovery failure. Despite this partial setback, the administration emphasized that critical technical data was obtained during the flight, providing valuable insights for future reusable rocket development.

    Developed by the Shanghai Academy of Spaceflight Technology, a subsidiary of state-owned China Aerospace Science and Technology Corp, the Long March 12A represents China’s latest advancement in space transportation. The rocket features a 3.8-meter-wide main body and a 4.2-meter-diameter fairing, with a liftoff weight of 437 tons and capacity to deliver at least 6 tons of payload to low-Earth orbit.

    This launch occurs within the context of China’s broader strategy to develop reusable rocket technology, which promises to dramatically reduce launch costs while increasing mission frequency and efficiency. The recent attempt follows similar developments in the global space industry, where reusable rockets have become a focal point for major spacefaring nations and commercial entities.

    Earlier in December, Chinese commercial space company LandSpace experienced a comparable outcome with its ZQ 3 reusable rocket, which reached orbit but failed to recover its first-stage booster. These developments mirror the early experiences of American companies SpaceX and Blue Origin, both of which endured multiple recovery failures before achieving successful booster landings.

    The Long March 12A mission demonstrates China’s growing capabilities in space technology while highlighting the technical challenges inherent in developing reusable launch systems. As the global space industry continues to evolve, such missions contribute valuable data and experience that will shape the future of cost-effective space access.

  • Trump renews call to take over Greenland despite strong objections

    Trump renews call to take over Greenland despite strong objections

    In a move that has reignited international tensions, former U.S. President Donald Trump has publicly reiterated his controversial proposition to annex Greenland, immediately drawing forceful condemnations from Greenlandic, Danish, and European Union leadership.

    Speaking from his Mar-a-Lago estate in Florida, Trump framed the potential acquisition as a critical national security imperative, explicitly stating, “We need Greenland for national security, not for minerals.” This assertion directly contradicts previous justifications from his administration, which had cited a combination of Arctic strategic interests, security concerns, and the island’s vast reserves of critical minerals as primary motivations.

    The controversy intensified with Trump’s announcement appointing Louisiana Governor Jeff Landry as a special envoy to Greenland. Landry characterized the role on social media platform X as a voluntary position dedicated to making “Greenland a part of the U.S.” Trump defended the appointment, claiming, “We have to have it and he wanted to lead the charge,” while dismissively questioning Danish sovereignty by asserting they “have spent no money and have no military protection.”

    This political maneuver has triggered a swift and unified diplomatic backlash. Danish Foreign Minister Lars Lokke Rasmussen expressed profound dismay, labeling the envoy’s statements “completely unacceptable” and announcing the summoning of the U.S. Ambassador to Denmark for formal discussions.

    In a powerful joint statement, Danish Prime Minister Mette Frederiksen and Greenlandic Prime Minister Jens-Frederik Nielsen delivered a unequivocal message: “We have said it very clearly before. Now we say it again. You cannot annex other countries. Not even with an argument about international security. Greenland belongs to the Greenlanders.” They emphasized their expectation of respect for their “joint territorial integrity.”

    The European Union reinforced this position through Foreign Affairs spokesperson Anouar El Anouni, who declared that preserving “the territorial integrity of the Kingdom of Denmark, its sovereignty and the inviolability of its borders is essential for the European Union,” confirming the bloc’s longstanding stance on the matter.

    The autonomous territory of Greenland, while self-governing in domestic affairs since 2009, remains under Danish authority regarding foreign, defense, and security policy, making this proposition a direct challenge to established international sovereignty norms.

  • Philippines records 7 firecracker-related injuries ahead of Christmas, New Year’s Eve

    Philippines records 7 firecracker-related injuries ahead of Christmas, New Year’s Eve

    Health authorities in the Philippines have documented a significant reduction in pyrotechnic-related injuries during the current holiday period, with only seven cases reported as of December 23, 2025. This figure represents a substantial 75 percent decrease compared to the 28 incidents recorded during the equivalent monitoring window in 2024.

    The Department of Health’s surveillance data, collected from 62 designated sentinel hospitals nationwide, indicates three new cases emerged between December 21 and the early hours of December 23. Concerningly, four of the seven injured individuals were aged 19 years or younger, with most injuries attributed to popular firecracker types known as ‘Boga’ and ‘5-Star’.

    Despite cultural traditions involving fireworks during New Year’s celebrations, improper handling continues to pose serious health risks. The health agency has intensified its safety campaign, urging immediate hospital treatment for victims and promoting the use of the National Emergency Hotline 911.

    Concurrent with these health initiatives, the Department of Labor and Employment has implemented enhanced safety oversight within the pyrotechnics industry. Manufacturers, distributors, and retailers now face stricter compliance requirements and potential penalties for safety protocol violations.

    The monitoring period for firecracker-related incidents will extend through January 5, 2026, as part of broader holiday safety efforts that also address increased risks of road accidents and seasonal health conditions like holiday heart syndrome.

  • Greater interdependence in Asia needed amid rising global conflicts

    Greater interdependence in Asia needed amid rising global conflicts

    Amid escalating global conflicts, the executive director of the Mekong Institute has issued a compelling call for strengthened regional interdependence among Asian nations. Suriyan Vichitlekarn emphasized that neighboring countries must deepen cooperative ties and economic integration as international tensions continue to rise.

    The Mekong Institute, an intergovernmental organization representing all six nations of the Greater Mekong Subregion, serves as a critical platform for regional collaboration. Member countries include Cambodia, China, Laos, Myanmar, Thailand, and Vietnam, representing one of Asia’s most economically dynamic corridors.

    Vichitlekarn’s statement comes at a time of increasing global instability, with multiple conflict zones creating ripple effects across international supply chains and diplomatic relations. The executive director positioned regional cooperation not merely as an economic advantage but as a strategic necessity in the current geopolitical climate.

    ‘The intensification of global conflicts makes it increasingly vital for neighboring countries to deepen interdependence and cooperation,’ Vichitlekarn stated, highlighting how regional solidarity can serve as a buffer against external shocks.

    The Greater Mekong Subregion has historically been a hub of economic growth and cultural exchange, with the Mekong River serving as both a geographical and symbolic connector between nations. The Institute’s work focuses on capacity building, policy dialogue, and development projects that benefit the entire region.

    This call for enhanced cooperation reflects a broader recognition among Asian leaders that regional stability and prosperity require coordinated responses to global challenges, from economic pressures to security concerns. The approach signals a shift toward more self-reliant regional frameworks in the face of international uncertainty.